Two pairs of proxy variables are used to capture the possible impact of H shares and red-chip stocks on the price premium: the number of H-share ®rms and red-chip ®rms listed in

For instance, the National Bank of Hungary (1995) states, ``several hundred thousand citizens who have been given compensation vouchers have virtually been forced to pay attention

When we analyzed the combined abnormal returns of bidder and target for di€erent types of deals, we uncover that there is a positive and signi®cant market reaction around the

Thus, if notwithstanding the noise-free data the price-based rules still do better than the regression-based hedging ratios, then we can safely conclude that: (a) the

In Corporate Governance and Financial Performance: A Study of German and UK Initial Public O€erings, Goergen studies the combined e€ects of international governance structures,

Although the main issue of the text is to get the manager to think in a real- options framework, a second aspect extends this notion to developing corpo- rate strategy by using

After a brief remark on the role of ®nancial system design during economic transition, the paper focuses on the role of stock mar- kets in the process of ®nancial intermediation

(1988) we develop a rationale for the use of factors, such as the election Õ s timing and outcome, the country Õ s economic performance and the degree of political, economic, and

We present a simple put option pricing procedure within an asset±liability valuation model that can be used to estimate the incentives facing stock-based life insurance ®rms

As real rates increase, a default risk emerges at the maturity which was optimal in the presence of lower rates, and the government optimally increases the share of long-term paper

We ®nd empirical evidence that in¯ation, nominal, and real interest rates in the US are trend-stationary with a structural break in both the unconditional mean and the drift rate of

The experience in the ®rst transition years (1990±1996) with ®nancial system architecture shows that changes are slow but that the Central European countries tend to catch up

This will allow a market for ex-dividend shares to function in period 1 where, type 1 risk neutral agents will sell their period 2 claims to type 2 risk neutral agents.. Suppose, type

These results are again consistent with our hypotheses, except for the new loans, for which we predicted insigni®cant abnormal returns. In many cases, the new loan is arranged with

In the light of disciplining actions undertaken by industrial companies (who are often in the same industry as the target com- pany), the lack of active corporate control in the wake

®nancial market integration: Evidence from co-integration analyses 24 (2000) 1005 Klumpes, P.J.M. Shackleton, Valuing the strategic option to

(Note: The values of a prepayment option on a VRP loan for various initial maturities with an interest rate ranging from 1% to 15% are plotted. As can be seen, the option has a

a Directorate Economics, European Central Bank, Frankfurt am Main, Germany b Research Department, Bank of Italy, Via Nazionale 91, Roma 00184, Italy.. The Publisher regrets that in